Bitcoin’s resilience has attracted strong buying in select altcoins, indicating a decoupling from the S&P 500 Index in the short term.
The Federal Open Market Committee’s meeting may cause volatility, but no surprises are expected.
Expectations of a spot Bitcoin exchange-traded fund approval have fueled gains in Bitcoin, but any adverse news in this regard could be a setback for the bulls.
Important support levels for Bitcoin and altcoins need to hold for sentiment to remain bullish.
The S&P 500 Index remains in a strong downtrend, with support near 4,050-4,100.
The U.S. dollar index rebounded off the 50-day simple moving average, indicating lower levels are attracting buyers.
Bitcoin has entered a consolidation phase between $33,390 and $35,380, with bulls in no urgency to book profits aggressively.
Ether has been maintaining above the breakout level of $1,746, but demand dries up at higher levels.
BNB has been stuck inside a range between $235 and $203, with bulls having a slight edge.
XRP cleared a hurdle at $0.56 and may climb to $0.66, but bears may try to pull the price back below the 20-day EMA.
Solana resumed its uptrend and may reach $38.79, with support at $31.
Cardano is sustaining above the breakout level of $0.28, but struggles to clear the overhead hurdle at $0.30.
Dogecoin is witnessing a battle near $0.07, with bulls buying dips below this level.
Toncoin broke below moving averages but selling dries up at lower levels.
Summary:
– Bitcoin’s decoupling from the S&P 500 Index has attracted buying in altcoins.
– Expectations of a spot Bitcoin exchange-traded fund approval have fueled gains in Bitcoin.
– Important support levels for Bitcoin and altcoins need to hold for sentiment to remain bullish.
– The S&P 500 Index remains in a downtrend, while the U.S. dollar index rebounds off the 50-day simple moving average.
– Altcoins like Ether, BNB, XRP, Solana, Cardano, Dogecoin, and Toncoin have their own price dynamics and levels to watch.
